US Scrap Gold rises on Britain's exit from Euro zone; Gold futures post best finish in nearly 2 years

UNITED STATES June 27 2016 10:03 AM     

NEW YORK (Scrap Register): United  States scrap gold prices rose on Friday, while gold futures prices at New York  Mercantile Exchange finished at their highest level in nearly two years as  investors rushed to buy the metal in the wake of the U.K.'s decision to exit  from the European Union.

The major gold scrap commodities on the Scrap  Register Price Index traded higher on Friday. The 9ct hallmarked gold scrap  prices advanced to $478.513 an ounce and 14ct hallmarked gold scrap prices  increased to $746.48 an ounce. The 18ct hallmarked gold scrap and 22ct  hallmarked gold scrap prices also up at $957.026 ounce and $1168.848 an ounce  respectively.

According to Scrap Register Price Index, the  9ct non-hallmarked gold scrap prices gained to $452.614 an ounce and 14ct  non-hallmarked gold scrap prices up to $706.078 an ounce on Friday. The 18ct  non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also  traded higher at $905.228 an ounce and $1105.586 an ounce  respectively.

The most active August gold contract on the COMEX division  of the New York Mercantile Exchange settled higher by $59.30 to $1,322.40 an  ounce on Friday with prices marking the largest single-session dollar and  percentage climb since September 2013. The settlement was highest since July 11,  2014.

Gold tends to rally in times of economic, market or political  uncertainty because precious metals are considered a haven asset. As might be  expected, riskier assets, including U.S. stocks, tumbled.